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Douglas Freeman

Casualty loss deductions: You can claim one only for a federally declared disaster

Casualties, Deductions, Insurance, Itemized Deduction, Natural Disaster, Personal Property loses, Tax Cuts and Job Acts (TCJA) /

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for […]

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How entrepreneurs must treat expenses on their tax returns

Accounting, Bookkeeping, Business Start Ups, Deductions, Entrepreneurs, Income Tax, Internal Revenue Service, Tax Deduction, Tax Planning, Tax Savings /

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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Effective social media marketing calls for a measured approach

Marketing, Social Media Marketing /

As companies increase their investments in social media marketing, many are seeking ways to make it simpler and more cost-effective. Here are some ways to take a measured approach. Pick your battles. Many marketers have realized that their companies don’t need to be on every social media platform. You just need to establish a strong

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Three questions you may have after you file your return

2018 Tax Return, Investment, Retirement, Statue of Limitations, Tax Record Retention /

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for

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Deducting business meal expenses under today’s tax rules

Business Meals and Entertainment, Deductable Expenses, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA) /

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more

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Responding to the nightmare of a data breach

Data Breach, Small Business, Threats /

It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan

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Seniors: Medicare premiums could lower your tax bill

Individual Income Tax, Itemized Deduction, Medicare Premium Tax Deduction, S Corporation, Self Employed /

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If

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Divorcing business owners need to pay attention to tax implications

401K, Assets, Divorce, Federal Income Tax, Gift Tax, Income Tax, IRA, Tax /

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free. You can generally divide most

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Present yet unaccounted for: The problem of presenteeism

Absenteeism, Employees, Small Business /

Absenteeism has typically been a thorn in the side of many companies. But there’s a flip side to employees failing to show up to work: “presenteeism.” This is when employees come in to work unwell or put in excessive overtime. Now you probably appreciate and respect workers who are team players and go the extra

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Make a deductible IRA contribution for 2018. It’s not too late!

401K, AGI (Adjustable Gross Income), Income Tax, Individual Income Tax, IRA, Retirement, Roth IRA, Tax, Tax Planning /

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and

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